MILWAUKEE--(EON: Enhanced Online News)--Marcus Theatres®, a division of The Marcus Corporation (NYSE:MCS), today announced it has completed the previously announced acquisition of 197 screens at 14 Wehrenberg Theatres® locations in Missouri, Iowa, Illinois and Minnesota. The acquisition expands Marcus Theatres’ footprint by 29% to 885 screens at 68 locations in eight states. Terms of the transaction were not disclosed.
“We are pleased to welcome the Wehrenberg Theatres customers and associates to Marcus Theatres and look forward to continuing the tradition of excellence established by Wehrenberg Theatres over four generations. We plan to further enhance the entertainment experience at select theatres with new features and amenities including DreamLoungerSM recliner seating, premium large-format screens and our signature food and beverage concepts,” said Rolando B. Rodriguez, president and chief executive officer of Marcus Theatres.
The 14 Wehrenberg Theatres locations include nine in the Greater St. Louis area; one each in Cape Girardeau and Lake Ozark, Missouri; one in Cedar Rapids, Iowa; one in Rochester, Minnesota; and one in Bloomington, Illinois. Marcus Theatres has acquired the underlying real estate for six of the theatre locations, as well as the Ronnie’s Plaza retail center in St. Louis. The acquisition is expected to be accretive to both earnings and cash flow.
About Marcus Theatres
Marcus Theatres®, a division of The Marcus Corporation, is the fifth largest theatre circuit in the United States and currently owns or operates 885 screens at 68 locations in Wisconsin, Illinois, Iowa, Minnesota, Missouri, Nebraska, North Dakota and Ohio. For more information, please visit www.marcustheatres.com and follow the company on Facebook and Twitter (@Marcus_Theatres).
About The Marcus Corporation
Headquartered in Milwaukee, Wisconsin, The Marcus Corporation is a leader in the lodging and entertainment industries, with significant company-owned real estate assets. In addition to its Marcus Theatres division, its lodging division, Marcus® Hotels & Resorts, owns and/or manages 18 hotels, resorts and other properties in nine states. For more information, please visit the company’s website at www.marcuscorp.com.
Certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified as such because the context of such statements include words such as we “believe,” “anticipate,” “expect” or words of similar import. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which may cause results to differ materially from those expected, including, but not limited to, the following: (1) the availability, in terms of both quantity and audience appeal, of motion pictures for our theatre division, as well as other industry dynamics such as the maintenance of a suitable window between the date such motion pictures are released in theatres and the date they are released to other distribution channels; (2) the effects of adverse economic conditions in our markets, particularly with respect to our hotels and resorts division; (3) the effects on our occupancy and room rates of the relative industry supply of available rooms at comparable lodging facilities in our markets; (4) the effects of competitive conditions in our markets; (5) our ability to achieve expected benefits and performance from our strategic initiatives and acquisitions; (6) the effects of increasing depreciation expenses, reduced operating profits during major property renovations, impairment losses, and preopening and start-up costs due to the capital intensive nature of our businesses; (7) the effects of adverse weather conditions, particularly during the winter in the Midwest and in our other markets; (8) our ability to identify properties to acquire, develop and/or manage and the continuing availability of funds for such development; and (9) the adverse impact on business and consumer spending on travel, leisure and entertainment resulting from terrorist attacks in the United States or other incidents of violence in public venues such as hotels and movie theatres. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.